China's Sany Heavy Industry moves closer to Frankfurt listing

SHANGHAI : Sany Heavy Industry Co, China's biggest maker of engineering machinery, published a set of revised internal rules on Saturday in preparation for a Frankfurt listing - potentially the first there under a mechanism for cross-border listings and investment.

Sany, which describes itself as the world's third-largest engineering machinery manufacturer, has now revised its shareholder and board discussion rules, as well as articles of incorporation, to meet regulatory requirements as it prepares to issue Global Depositary Receipts in Germany. Sany has not disclosed fundraising targets, or when a Frankfurt listing will happen, only saying in late December that it planned to sell GDRs equivalent to 5 per cent of its share base to fund international expansion.

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